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IOL Business reports that in an environment of cooling food price increases, headline consumer inflation still ticked up in September. CPI inflation rose by 0.2% month-on-month in September, bringing the year-on-year reading to 3.4% against 3.3% in August.
In a welcome trend, food price inflation, a major component of the CPI basket, eased notably to 4.4% year-on-year from 5.2% previously. Within the basket, meat prices rose modestly, constrained by foot-and-mouth disease, while cereal products remained steady at 1.6% year-on-year. Fuel prices had little effect, with only a 4 cent per litre drop in September and a similarly negligible change in early October. Core inflation, which strips out food, fuel, and energy costs, nudged up to 3.2% from 3.1% in August. Koketso Mano, FNB senior economist, said headline inflation could lift to 3.8% year-on-year in October. “This will reflect the hike in average fuel prices, which will push the year-on-year number out of deflationary territory,” she indicated.
- Read the full original of the report in the above regard by Nicola Mawson at IOL Business
- Read too, Annual CPI picks up moderately in September as meat and maize prices remain elevated, at Daily Maverick
Get other news reports at the SA LabourNews home page